Brace for sticker shock if you haven't shopped for a new car lately.
The average amount of that negative equity is $5,038. Six years ago, 25.8% of buyers were upside-down on their existing loan, rolling an average $3,988 into their new loan.
With those payments eating up more of household budgets, consumers have been stretching out their loans to better accommodate the cost of a new car. As of June, the average loan length was closing in on 70 months — two months shy of six years. By the numbers, however, the share translates into at least 7 million Americans who were in serious delinquency on their car loan at the end of 2018. That's 1 million more than at the end of 2010, when the economy was still get back on its feet from the Great Recession.
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